Posted on 06/28/2015 6:37:41 PM PDT by tcrlaf
Puerto Ricos governor, saying he needs to pull the island out of a death spiral, has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions.
The governor, Alejandro García Padilla, and senior members of his staff said in an interview last week that they would probably seek significant concessions from as many as all of the islands creditors, which could include deferring some debt payments for as long as five years or extending the timetable for repayment.
The debt is not payable, Mr. García Padilla said. There is no other option. I would love to have an easier option. This is not politics, this is math.
It is a startling admission from the governor of an island of 3.6 million people, which has piled on more municipal bond debt per capita than any American state.
(Excerpt) Read more at nytimes.com ...
And they refuse to vote for either full independence from the USA, or for Statehood.They seem to like the status quo as a territory. All of the rights, none of the responsibilities.
Nice gig, but it won't last for much longer.
Great, yet ANOTHER flood of illegals.
Greece only owes 2x as much.
And using a theme that is popular here, it isn't even the governor's fault. It's the voter's fault, so they are the ones that deserve to be punished, locked up, frozen, ripped off, etc.
Tax the Millionaires and Billionairs....
Why should they pay their bills? No one else does. Debt doesn’t matter anymore, right?
Debt is just words....and we know how those things work now thanks to that traitor Humpty Dumbty Roberts.
bump
The money will run out and then what
Puerto Rico tips over. That will make two islands tipping over in the last year.
“The debt is only $200,000 for every man, woman, and child on the island. Does anyone see a problem?”
$72,000,000,000 / 3600000 = ?
CT is too. The latest round of tax increases might cause some of the insurance companies that still remain to leave. And the casinos are generating less revenue.
There was a time that Puerto Rico was prosperous..and sent food and produce to the mainland..
But that was when they grew their own food had numerous farms, cattle, and industries..
Then that all changed..by US government edict..
Most food that could be grown in the ideal climate and soil is grown instead on the mainland US and shipped to PR..
Meat also comes from the US leaving the locals paying high prices for food..
The unemployment is skyrocketing where there was little at one time..
Most people owned or worked on the farms and ranches but there are few now...
That’s why its so expensive to visit PR, everything is shipped..
lol
It’s like Greece
except everyone is on US welfare or social security
what could go wrong?
72 B / 3.6M = $20,000 not 200,000... Our own debt is 17T / 318M = $53,459 per person.. We are almost three times worse off than Puerto Rico.
Puerto Ricans are all US Citizens at birth. There might be a flood, but there won’t be a flood of illegals. Besides, if they are running away from debt, why would they leave a place where the debt is $20,000 per person to come to US where it is almost $54,000 per person?
uh, no. they are US citizens already
We will take it from white people. We deserve it.
That is why it is call “Sovereign Debt”. It is debt backed solely by the “Soveriegn” whether that is a king or a government does not matter. The debt is owed by the sovereign and the debt holder’s only recourse is to the Sovereign. If they renege you are simply SOL.
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